Pehla Kadam and Pehli Udaan bank account for kids.

Pehla Kadam and Pehli Udaan, a savings bank account for kids. A special product of the State Bank of India aims to inculcate the habit of savings among children.

Teaching our kids about financial products is as important as any other field that we let our kids learn. 

Not all but introduce them to some basic needs like a savings bank account, for instance, letting them learn to fill up an account opening form, how to save money, and how to make deposits in and withdraw from the account. These would let your kids know the value of money.

Although this account will be operated by the guardian there are some instances where a minor can operate his account if he meets the laid down criteria of the bank. 

The criteria are- he should be above 10 years of age and should be able to sign uniformly in a legit manner. Otherwise, the account will be operated by the guardian.

Why it’s so important? 

Yes, you might be thinking. Why it’s so important when you yourself do not give much attention to it? Having or owning an account is a necessity now. If you do not have it, go get it. For your kids, it’s a must. 

The reasons are as follows:

• For getting scholarship
• For applying online application
• For fund transfer
• For investment in his name
• For health insurance

It means there are certain things that can not be done only with the guardian’s account. Sometimes, in the near future, it will create problems not having one. 

So, reach out to your nearest SBI branch and get Pehla Kadam and Pehli Udaan accounts for your kids. Here’s a glimpse of these minor’s savings bank accounts.

Pehla Kadam SBI savings Bank Account

It literally means “First Step”. Like a parent guiding a newborn to walk for the first time, SBI is lending hands for the kids to take their first step in the banking world.

With the help of the Pelha Kadam account, kids will be able to operate the account and do some limited transactions along with the guardian. A guardian may be a natural or legally appointed guardian.

This account is for children of any age, the account will be opened jointly with the guardian. 

Some of the important facility comes along with the account are as follows

• Chequebook: A personalised cheque for 10 leaves will be issued in the name of the minor under the guardian. A guardian signature is required to withdraw cash by cheque.
• Internet banking: Internet banking with limited transaction right will be given to the minor. The transaction limit is set at ₹5000 per day.
• ATM cum debit card: A photo embossed ATM cum debit card will be issued in the name of the minor and guardian. This card has limited transactions too at the ATM as well as at the PoS-point of sale which is ₹5000.
• Auto Sweep: An auto sweep facility is also given. An auto sweep is a kind of transaction where an internal fixed deposit account is open automatically when it reaches the threshold limit of ₹10000. The access amount will be pushed internally to create a fixed deposit which would make options to earn handsome returns.
• The sweep will be in multiple of ₹1000 where the minimum sweep amount is ₹10000.
• An Overdraft against FD can be availed under the Pehla Kadam account.

Pehli Udaan SBI savings Bank Account.

As the name suggests, it’s the first flight with confidence. 

Basically, both these accounts are almost the same the only difference is in the operation of the account. In the Pehli Udaan account, the minor will operate solely in his name without his guardian.

The account is for those minors who are above 10 years of age and can sign uniformly in a legit manner. 

The facility given in this account is just the same as that of Pehla Kadam. The only variation is that in Pehli Udaan account, the photo-embossed ATM cum debit card will be in the name of the minor only. Cheque book will also be issued in the name of minors only. The rest are the same in both types of accounts.

In fact, now is the time to start letting your kids venture and learn new things about financial products. As we go digital, it has become pertinent to let your kids know about these basic things which would catapult their understanding in future for their own better financial knowledge.

We are in a country, where financial literacy is very poor and it is our responsibility to learn and let our children learn at an early age so that we can contribute on a larger scale to our community and ultimately to the nation.

Expose yourself to various financial products, not necessarily to buy all but try to know what’s in them and teach to the younger ones who would be the pillar of our community.

So guys! Go get an account and start saving wealth for a better future.For more details please check out at SBI official website.